By Darlene Hedemann Global News. Video Here: http://globalnews.ca/news/1267717/port-coquitlam-residents-may-lose-homes-over-leaky-condo-crisis/
There are growing concerns about a second leaky condo crisis in Metro Vancouver.
Residents of a 25-year-old building in Port Coquitlam have just been slapped with a huge repair bill, one that will cost each homeowner tens of thousands of dollars.
Many of the seniors living there may not be able to afford the repairs, especially with the loss of the government’s interest- free loan program.
Cherif Abdallah was hoping to retire in two or three years, but recent news about his Port Coquitlam condo could put those plans on hold.
The leaky condo on Atkins street needs its entire envelope replaced at a cost of $1.5 million, meaning each condo owner must pay around $70,000.
The issue of leaky condos goes back to the 1980s and 1990s when thousands of homeowners faced massive repair bills, some so big they lost their homes.
Careless developers helped create the leaky condo crisis and some may be trying to capitalize on this latest round of problems.
Back then, it cost B.C. an estimated $4 billion. The issue is cropping up again because of recent rule changes to depreciation reports.
To make matters worse, the interest-free loans offered years ago no longer exist. The government suspended them in 2009.